What Might Be Tagged At Dow’s Yardsale?

As you have may have heard, Dow Chemical plans to sell more businesses. Back in December, the company said it would get rid of its epoxy resins and chlorine-related business, which would make the bulk of $3.0 to $4.0 billion worth of divestitures. Mind you, these numbers here are a little funky. They refer to the pre-tax proceeds to Dow from transactions that aren’t necessarily even being negotiated yet. However, the company...

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TPC’s Proxy Decoded

Last week, TPC put out a proxy statement for its controversial $40.00-per-share sale to First Reserve and SK Capital. Shareholders, as evidenced by quotes between $41.00 and $42.00 for the company, are looking for a better offer. And Sandell Asset Management, which owns about 7% of the firm, has been outspoken against the deal. In such cases, disgruntled shareholders always argue that company management didn’t do enough to shop the...

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Eastman CFO Outlines Acquisition Strategy
Jun20

Eastman CFO Outlines Acquisition Strategy

Last week, the Chemical Notebook headed to New York City to attend the 2012 IHS Chemical Financial Forum. Nice event, attended by 60 or so. It was emceed by Robert Westervelt, editor-in-chief of IHS Chemical Week. My dear longtime frenemy did a masterful job moving the conference along and asking good questions, as he usually does. It was a day packed with a lot of good speakers. Curt Espeland, chief financial officer of Eastman...

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Eastman Buying Solutia

I arrive the office this morning, bright and early, as usual. “Your Top 50 U.S. chemical company survey will get smaller by one company,” C&EN assistant managing editor, Mike McCoy, said. “Do you want me to guess?” I said. “Solutia is one of the firms.” “That is the company being acquired,” I reply. “That’s right.” “PPG is buying them,” I guessed. “No, but that’s an interesting guess,” Mike says. It was a very good guess....

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DuPont CEO Irked By Reporters

Here at the Chemical Notebook, we recently posted about some rumors swirling regarding DuPont possibly putting its coatings business up for sale. At DuPont’s investor day yesterday, DuPont CEO Ellen J. Kullman fielded a question about this from Deutsche Bank analyst David Begleiter. In her answer, she revealed that she’s none too pleased with the reports: Yes, I mean, around the rumors that have been swirling, quite frankly, I’m...

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Deal Activity Down In The Third Quarter

I thought the news flow had been a little slow lately. PricewaterhouseCoopers has released its quarterly Chemical Compounds newsletter that tracks merger and acquisition activity. It looks like we are in the middle of a full-fledged deal slump. There were 22 chemical deals worth $50 million or more in the third quarter of 2010, the accounting and consulting firm reported. During the second quarter, there were 31 deals of that size....

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